Nigerian authorities have dropped all money laundering charges against Tigran Gambaryan, an executive at Binance. The surprise decision came during an unscheduled hearing at the Federal High Court in Abuja today on Oct. 23.
Unscheduled Hearing and Case Details
A prosecutor from the Economic and Financial Crimes Commission (EFCC) announced that the charges were being withdrawn. Officials clarified that Gambaryan, a U.S. citizen, was only an employee of Binance, not responsible for financial decisions under investigation. The announcement came just days ahead of a previously scheduled public hearing on Oct. 25.
Gambaryan’s detention since April was marked by serious health problems, including a collapse during a court hearing in May. Throughout his detention, Gambaryan faced health challenges, which added urgency to calls for his release. Despite suffering severe health conditions, including a herniated disc, Nigerian courts denied bail twice, citing the risk of flight—especially after another Binance executive, Nadeem Anjarwalla, escaped custody earlier this year. On Oct. 11, the court rejected another bail request, only permitting a brief hospital treatment period.
Diplomatic negotiations between U.S. and Nigerian officials reportedly influenced the case’s outcome. American lawmakers actively campaigned for Gambaryan’s release, urging intervention on humanitarian grounds.
Binance Nigeria Scandal — What Had Happened?
The legal dispute between Binance and Nigerian authorities began in February 2024 when two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were detained during a visit to Abuja. They were held under accusations related to money laundering, currency manipulation, and tax evasion. This detention occurred as part of Nigeria’s intensified scrutiny of cryptocurrency platforms amid concerns about illicit financial activities and currency devaluation.
Though the case against Gambaryan has concluded, Binance continues to face legal challenges in Nigeria. The company is under investigation for tax evasion, with accusations of non-payment of corporate taxes and value-added tax. Earlier this year, Binance also exited the Nigerian market following disputes with officials and halted transactions in Nigerian naira.
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